CBN to sell dollars to consumers at 360 naira

CBN Directs Banks to sell FOREX at N360/$1 for Fees, Medical Bills & BTA

CBN Directs Banks to sell FOREX at N360/$1 for Fees, Medical Bills & BTA

The spokesperson of the CBN, Isaac Okorafor, said the forex was to meet the demand for invisibles such as Basic and Personal Travel Allowances, medicals and school fees.

The announcement was made via CBN's Twitter handle on Monday.

He therefore urged customers to report any erring bank refusing to sell at stipulated rates and conditions to the CBN for investigation and appropriate sanctions.

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The apex bank further stated that it would send examiners to banks to ensure the new rates are implemented, warning that all DMBs are prohibited from selling forex meant for invisibles to Bureau De change (BDCs).

In a statement issued this morning, the Apex Bank said Nigerians can now get the dollar at 360 across all commercial banks within the country.

"CBN directs banks to post new rates in the banking halls of their branches immediately".

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They also pointed out that renewed pressure on oil prices despite subsisting oil production cut agreement is an important anchor for spot exchange rate speculations.

This is in continuation of its bid to improve liquidity in the system as the naira continues its climb in the foreign exchange market. "CBN remains the dominant player, indicating that the improvement in the balance of payments and aggressive interventions are yet to fully transmit into business and investment confidence", they said.

The naira has in the past week seen a geometric appreciation following interventions by the central bank.

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He added that the apex bank has released a total sum of $185m into the foreign exchange market as part of moves to meet the demand of genuine users.

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